Banks that can exchange Hong Kong dollars are:
1. Joint-stock commercial banks: China Merchants Bank, China CITIC Bank, Industrial Bank, Shanghai Pudong Development Bank and Shenzhen Development Bank;
2. Most foreign banks: HSBC, Standard Chartered Bank, Citibank, Bank of America, etc.
There are five state-owned banks: Industrial and Commercial Bank, China Construction Bank, China Bank, Agricultural Bank and Bank of Communications.
Foreign exchange banks are also called "exchange banks". Banks specializing in foreign exchange business and international settlement. Its main business is: dealing in foreign exchange trading and exchange, handling foreign trade settlement, providing foreign exchange credit and guarantee for domestic importers and exporters, and issuing securities abroad. This bank usually has many branches abroad. China Bank is a professional foreign exchange bank designated by the state.
Foreign exchange banks play the role of organizing and creating the foreign exchange market. Foreign exchange banks are usually commercial banks, which can be domestic banks specializing in foreign exchange, domestic banks concurrently engaged in foreign exchange business or branches of foreign banks in their own countries. Foreign exchange banks are the most important participants in the foreign exchange market, and their foreign exchange transactions constitute the main part of foreign exchange market activities.
primary service
Handle foreign exchange trading and exchange, handle foreign trade settlement, provide foreign exchange credit and guarantee for domestic importers and exporters, and issue securities abroad. Foreign exchange banks are mostly professional financial institutions for the government to develop foreign financial undertakings, expand import and export trade and manage foreign exchange receipts and payments. Because of the different economic systems and banking systems in different countries, the main contents of foreign exchange bank management are also different.
Types of foreign exchange banks
Foreign exchange banks can be divided into three types: domestic banks specializing in or concurrently engaged in foreign exchange business; Branches of foreign commercial banks in China and Sino-foreign joint venture banks; Trust and investment companies, finance companies and other domestic financial institutions engaged in foreign exchange transactions.
Important significance
Foreign exchange banks are the most important participants in the foreign exchange market. In the United States, more than a dozen large commercial banks located in new york and dozens of other major cities actually act as "market makers". Because they often buy and sell various currencies on a large scale in the foreign exchange market, the foreign exchange market can be formed and run smoothly.
In addition, the strength and seriousness of foreign exchange management laws and regulations implemented by designated foreign exchange banks in handling foreign exchange settlement and sale business will directly affect the smooth operation of the foreign exchange market and have a significant impact on the balance of payments. Therefore, on the one hand, the designated foreign exchange banks should strengthen the awareness of law-abiding and compliance management, strengthen internal management, and promote the healthy development of their foreign exchange business on the premise of compliance with laws and regulations; On the other hand, it is necessary to strengthen communication with the foreign exchange bureau, give timely feedback and further improve various foreign exchange management policies and regulations.